Pinterest’s (PINS) “Overweight” Rating Reiterated at Piper Sandler

Piper Sandler reaffirmed their overweight rating on shares of Pinterest (NYSE:PINS) in a research report released on Friday morning,Benzinga reports. Piper Sandler currently has a $41.00 price objective on the stock, down from their prior price objective of $45.00.

Several other research firms have also weighed in on PINS. KeyCorp raised their target price on Pinterest from $43.00 to $45.00 and gave the company an “overweight” rating in a report on Wednesday, October 9th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $48.00 price objective on shares of Pinterest in a report on Thursday, September 12th. Oppenheimer began coverage on Pinterest in a report on Tuesday, September 24th. They issued an “outperform” rating and a $45.00 target price on the stock. Wolfe Research assumed coverage on shares of Pinterest in a research report on Tuesday, July 16th. They issued a “peer perform” rating for the company. Finally, Benchmark reiterated a “hold” rating on shares of Pinterest in a research report on Wednesday, July 31st. Eight analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $42.22.

Pinterest Stock Down 14.0 %

Shares of Pinterest stock traded down $4.75 during midday trading on Friday, hitting $29.18. The company’s stock had a trading volume of 55,970,287 shares, compared to its average volume of 9,503,379. The firm has a market capitalization of $20.02 billion, a P/E ratio of 108.06, a PEG ratio of 2.60 and a beta of 1.02. The stock has a 50-day simple moving average of $31.82 and a 200-day simple moving average of $36.31. Pinterest has a 1-year low of $27.00 and a 1-year high of $45.19.

Insider Activity at Pinterest

In related news, CFO Donnelly Julia Brau sold 30,280 shares of the company’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $32.72, for a total transaction of $990,761.60. Following the sale, the chief financial officer now directly owns 297,351 shares in the company, valued at approximately $9,729,324.72. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, Director Gokul Rajaram sold 1,150 shares of the stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $33.52, for a total transaction of $38,548.00. Following the transaction, the director now owns 33,686 shares of the company’s stock, valued at approximately $1,129,154.72. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Donnelly Julia Brau sold 30,280 shares of the firm’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $32.72, for a total transaction of $990,761.60. Following the completion of the sale, the chief financial officer now directly owns 297,351 shares in the company, valued at approximately $9,729,324.72. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 7.11% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Pinterest

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in Pinterest by 1.8% during the first quarter. Vanguard Group Inc. now owns 57,343,800 shares of the company’s stock valued at $1,988,110,000 after buying an additional 994,848 shares during the period. Baillie Gifford & Co. increased its position in Pinterest by 9.5% during the second quarter. Baillie Gifford & Co. now owns 10,116,139 shares of the company’s stock valued at $445,818,000 after acquiring an additional 880,398 shares during the last quarter. Ontario Teachers Pension Plan Board increased its position in Pinterest by 51.5% during the third quarter. Ontario Teachers Pension Plan Board now owns 8,812,117 shares of the company’s stock valued at $285,248,000 after acquiring an additional 2,996,750 shares during the last quarter. Clearbridge Investments LLC grew its holdings in shares of Pinterest by 2.2% in the first quarter. Clearbridge Investments LLC now owns 8,179,741 shares of the company’s stock worth $283,592,000 after purchasing an additional 176,540 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Pinterest by 6.8% in the second quarter. Bank of New York Mellon Corp now owns 5,960,861 shares of the company’s stock worth $262,695,000 after purchasing an additional 380,431 shares during the last quarter. 88.81% of the stock is owned by hedge funds and other institutional investors.

About Pinterest

Pinterest, Inc operates as a visual search and discovery platform in the United States and internationally. Its platform allows people to find ideas, such as recipes, home and style inspiration, and others; and to search, save, and shop the ideas. The company was formerly known as Cold Brew Labs Inc and changed its name to Pinterest, Inc in April 2012.